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2016 (1) TMI 599 - AT - Income TaxLevying penalty u/s 271(1 )(c) - addition u/s 2(22)(e) - Held that:- In the present case, the alleged amount was given from M/s Beacon Logicwares Pvt. Ltd. to SRVR Software Solutions Pvt. Ltd. and the assessee was neither the recipient nor the payer of the money and since there was no receipt of payment of the money by the assessee, the conscious act of furnishing of inaccurate particulars of income or concealment of income cannot be attributed to the assessee, specially when the addition u/s 2(22)(e) was made under the deeming provision. The case of the assessee is squarely covered by the judgment of West Coast Industries vs ACIT [2009 (4) TMI 937 - ITAT MUMBAIA] and CIT vs Hrishikesh Kundu (2014 (7) TMI 1164 - ITAT KOLKATA). Thus, we have no hesitation to hold that the Assessing Officer imposed penalty against the well-settled proposition on this issue and the assessee cannot be held responsible for furnishing of inaccurate particulars of income or concealment of particulars of her income which attracts penalty u/s 271(1)(c) of the Act. Accordingly, main ground of the assessee is allowed and the Assessing Officer is directed to delete the penalty. - Decided in favour of assessee
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